RapNet


Rapaport News

 

Retail

 
Rapaport Broadcast
Martin Rapaport’s Webinar on Estate Jewelry
October 30 2019

Advanced search
Latest Articles
Videos
Features
News
Mining
Rough Markets
Polished Markets
Manufacturing
Retail

Signet Shares Advance on Upbeat Sales Forecast

Nov 22, 2016 11:21 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT...
Signet Jewelers increased its full-year earnings guidance as results were better than anticipated in the third fiscal quarter. The retailer’s share price rose about 4 percent early Tuesday following the announcement.

Profit jumped 13 percent to $17 million in the 13 weeks that ended October 29, while revenue declined 2.5 percent to $1.19 billion, the diamond jeweler reported. Same-store sales slipped 2 percent, beating the company’s own guidance of a 3 percent to 5 percent decline.

“We expected challenging market conditions to result in a sales decline,” said Mark Light, Signet’s chief executive officer. “However, our continuing ability to execute in a difficult environment led to results that were somewhat better than our expectations.”

The company raised its outlook for earnings per share to a range of $7.03 to $7.25 for the fiscal year ending January 2017, compared with a previous forecast of $6.90 to $7.22.

Even as lower quarterly sales had beaten expectations, Signet still highlighted underperformance in certain stores, in particular regional outlets and shops in the energy-dependent regions. Jared sales were also worse than the company had expected, declining 2.5 percent to $226.6 million. The weaker segments were, however, partly offset by stronger sales of fashion jewelry and certain types of bridal jewelry.

Sales at Kay Jewelers declined 1.4 percent to $456.6 million, while revenue in the Zale division climbed 1.8 percent $335.8 million.

Even as lower quarterly sales had beaten expectations, Signet still highlighted underperformance in certain stores, in particular regional outlets and shops in the energy-dependent regions. Jared sales were also worse than the company had expected, declining 2.5 percent to $226.6 million. The weaker segments were, however, partly offset by stronger sales of fashion jewelry and certain types of bridal jewelry.

Sales at Kay Jewelers declined 1.4 percent to $456.6 million, while revenue in the Zale division climbed 1.8 percent $335.8 million.

Image: Newscast
Tags: bridal jewelry, Jared, jewelers, Jewelry, Kay Jewelers, Mark Light, Rapaport News, retail, retailers, Signet, Signet Jewelers, Zale
Similar Articles
Tiffany Hong Kong storeTiffany Sales Stall as Tourist Spending Dries Up
Dec 05, 2019
Sales at Tiffany & Co. were flat at $1.01 billion in thethird...
Signet Raises Full-Year Outlook
Holiday Season Gets Off to Solid Start
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First



Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
  
twitter twitter
About Rapaport
Advertise with us